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Abadi adviser: the deficit in the balance of payments impact of the application of the budget .. and raise hard currency prices in front of the Iraqi dinar

Sunday, June 7, 2015 13:00

BAGHDAD / Baghdadi News / ... Prime Minister for Economic Affairs Advisor to detect the appearance of Mohammed Saleh, Sunday, fall in oil prices, which affected the balance of Iraq payments, which in turn cause a discrepancy between the central bank rate and the black market, noting that "the presence of the existing budget no longer be deficit value of the currency at their level. "

Saleh said in an interview with / Baghdadi News /, that "the impact of falling oil prices on the balance of payments of Iraq, which caused a marked variation in the dollar rate between the central bank and the parallel market and the black market."

"The inflow of Iraq less than outflows and this caused a deficit in the balance of payments impact on the budget negatively and thus a shortfall in budget that in 2015," noting that "this deficit make the currency value does not maintain the level and thus not fit the official exchange rate of the Central Bank rate with exchange rate on the black market or gray market. "

Salih noted that "estimated at 10 points to 12 points in the exchange rate difference was the result of demand for the dollar more than shown in the central bank '' pointing out that" the existence of imports over exports in the country made us need to be amended by making the official exchange rate in line with The market is not higher than the price before the market on the grounds that the central bank sells the currency at a cheap price compared with the black market prices. "

And between the Chancellor that "the difference that exists between the two markets (the central bank and the black market) is in the interests of traders and the loss back on three sides, a central bank and the government and the citizen," adding that "it is up to monetary policy."

He stressed that "the central bank has the appropriate timing for an amendment to this difference located and on the central bank to withdraw liquidity of the Iraqi dinar from the market and put against which the dollar of goods and services and the benefits of foreign, including imports and sale of the bank at a cheap price of the dollar is not enough to withdraw liquidity from the Iraqi dinar."

He guessed favor of the cause of uneven price due to "several cases, including the central bank's commitment to Article 50 of the Budget Law, a central bank selling of the dollar as specified his ceiling now," adding that "the existence of purchase tax and honesty taxes and drop the whole oil prices among the factors that helped to Price disparity that exists between the two markets, as well as the central bank maintain its reserves rate and not sacrifice ".anthy 21 / m